“I’m glad to be here today with my colleagues. I’ll get right to the point: the Administration claims we’re seeing the highest rates of growth in 20 years and that deficit figures are going down.

"But this Administration has a bad habit of spiking the ball on the 50-yard line.

"They call the $420 billion deficit an improvement, but the reality is it’s at an all-time high. This year will mark the second consecutive year of record-breaking deficits. A $420 billion deficit doesn’t back up the Administration’s claim that economic growth will eliminate the deficit.

"These extraordinary deficits make it worse for working American families. The numbers speak for themselves:
• Health care costs have gone up since 2001 from $6,500 for a family of four to $9,000 today.
• College tuition at public universities has increased 26 percent over the last two years.
• $180 billion in retirement savings and 401(k)s have been erased.

"Political motivation, bad analysis and wishful thinking have fed the Administration’s unrealistic claims. Only this Administration would hang the banner “Mission Accomplished” over this economic record.

"With all of this bad news, it’s no wonder the Republicans can’t agree on a budget. But the lack of a budget hasn’t stopped the Republicans from passing tax breaks or avoiding ticking time bombs like Social Security and Medicare.

"We’ve got tax breaks, but with only 2½ months before the new fiscal year, we again risk freezing Pell Grants, laying off thousands of emergency workers, and shutting the door to emergency care on families.

American families deserve a better economic strategy that brings their priorities into balance.”